We have retained a lawyer for bankruptcy, probably CH 7. I’ve just co-signed for a loan on a new car?
…what kind of problems could this mean for the bankruptcy, or will it mean anything at all? If you don’t have previous experience or knowledge about bankruptcy laws, please don’t answer. I live in TX if that matters.
We have two repos and a crapload of defaulted debt because we lost our jobs about a year ago and took a while to get going again. That doesn’t mean we don’t need something to drive. I’m the co-signer because my dad signed for it so that we could get it.
August 4th, 2008 at 1:33 am
I’m not a lawyer or have been through bankruptcy, however common sense would indicate that if you have the finances to purchase a new car (which in effect you are doing if the original owner doesn’t pay), then you are not in the catagory to file for bankruptcy. It could hurt you. I would ask your lawyer, that’s what he’s getting paid for anyway.
August 5th, 2008 at 8:07 pm
Let me get this straight you are going into BK and you just co-signed for a loan for someone else??
If you cosigned you are just as responsible as the person you co-signed for and this will have to be dealt with in the BK.
August 7th, 2008 at 4:23 am
Lots of people think that once they’ve filed for bankruptcy they will be unable to ever get a loan again, and ultimately they are unable to do anything financial ever again. This isn’t always true, there arewill help to improve your credit history in a number of different ways.
August 10th, 2008 at 4:29 am
look if i learned anything about bankruptcy in reviewing questions and answers it is — get a lawyer that know bankrupt laws and listen to him and quit seeking advise from these jail house lawyers bes!!!